Bitfinex CSO Steps Down

Phil Potter, Bitfinex’s Chief Strategy Officer (CSO), is stepping down from his position in the company. In the meantime, the company’s CEO Jean-Louis van der Velde will be taking his place.

Commenting on his resignation, Potter said it was “natural” for him to do so. He also mentioned “new opportunities” but failed to specify what they were.

According to CoinMarketCap, Bitfinex is the sixth largest cryptocurrency exchange by trade volume. The company also shares management with the token issuer Tether.

Tether has previously been under fire by skeptics doubting the company’s claim of having $1 in reserve for each digital token they issue. Because of this, US regulators sent both Tether and Bitfinex subpoenas, amid more questions regarding the former’s value.

However, this week has seen Tether’s general counsel confirming that the company does, in fact, have dollars to back all their tokens.

But that doesn’t end criticisms towards Tether as earlier this month, the University of Texas had released a paper claiming that the Tether token may have been used to as a tool to manipulate bitcoin price as it soared last year.